The U.S. DOJ rejected the request of Tornado Cash developer Roman Storm to dismiss criminal charges.

DOJ believes the defense’s filing carries disputed facts that are more suitable for jury consideration.

The DOJ presented screenshots to illustrate the disputed functionality of Tornado Cash.

On Friday, the U.S. Department of Justice rejected Tornado Cash developer Roman Storm’s request to dismiss criminal charges. They argued that the defense’s filing contained disputed facts more suitable for jury consideration than early-stage motion arguments. 

For context, Storm and fellow developer Roman Semenov face charges of conspiracy to commit money laundering. The U.S. government alleged the crypto developers of operating an unlicensed money transmitter and violating laws by creating Tornado Cash, a crypto mixing service anonymizing blockchain transactions. 

U.S. authorities have alleged that entities like North Korea’s Lazarus Group have laundered funds through Tornado Cash. Meanwhile, Storm’s attorneys filed a motion to dismiss the indictment late last month. 

They contend that Tornado Cash does not qualify as a custodial mixing service, nor does it meet the criteria of a “financial institution.” Moreover, the lawyers argued that Storm lacked control over the service and could not prevent groups like Lazarus from utilizing it. 

Accordingly, they refute accusations of operating a money laundering entity. The defense emphasized that developing software code for mixing a service does not equate to running a money laundering operation. 

However, in its filing on Friday, the DOJ countered the defense’s characterization of Tornado Cash. They pointed out that Tornado Cash encompasses various elements such as a website, user interface, smart contracts, and a network of “relayers.”

The DOJ stated that dismissing the indictment based on contested views of how Tornado Cash operated or Storm’s intent would be unconstitutional. They argued that Storm and his co-founders retained control over the mixer from 2019 to August 2022.

Moreover, the DOJ presented screenshots to illustrate the disputed functionality of Tornado Cash.

Screenshot evidence in the filingEssentially, the filing extensively references evidence that the DOJ intends to introduce at trial, highlighting Storm’s involvement in building and developing the system, the usage patterns of Tornado Cash, and other details. Notably, Storm is scheduled for trial this September, while Semenov remains at large.

The post Tornado Cash Legal Saga: DOJ Presents Evidence of Developer Control appeared first on Coin Edition.

While ADA’s price decreased in the last seven days, MATIC registered a slight increase.

Defending the $0.44 support could send ADA toward $0.48.

The CMF and AO readings suggested that MATIC might decline to $0.64.

Like many cryptocurrencies in the market, altcoins prices like that of Cardano (ADA) and Polygon (MATIC), have failed to make significant upticks. For many participants, this calls for worry considering that there have been talks about an “altcoin season.” But it has not come to life.

For those unfamiliar, altcoins season occurs when Bitcoin’s (BTC) dominance drops and the price of other cryptocurrencies outperforms BTC for some months. However, on average, we’ve not seen that happen this cycle.

Looking at the price of ADA, CoinMarketCap showed that it decreased by 8.10% in the last seven days. MATIC, on the other hand, only managed a 1.92% increase within the same period. Despite the underwhelming performances, Coin Edition assesses whether it is a good time to buy the tokens.

Cardano (ADA)

ADA’s price at press time was $0.45. However, the downtrend on the 4-hour chart showed that sellers could be getting exhausted. If this is the case, the price of ADA might bounce, and surpassing the $0.48 resistance could be its first aim.

Bulls must ensure that the price stays above the $0.44 underlying support to achieve this. If it does, then Cardano might plunge to $0.40. Despite the bullish potential, the Supertrend flashed a sell signal around $0.48.

ADA/USD 4-Hour Chart (Source: TradingView)

Therefore, a price rise might not validate a rally for ADA. Meanwhile, the Relative Strength Index (RSI) revealed that ADA was oversold. As such, the price could bounce soon. But increasing to $0.50 might be a stretch in the short term.

Polygon (MATIC)

Signals from the 4-hour MATIC/USD chart showed that the momentum was bearish. This was evident from the Awesome Oscillator (AO). At press time, the AO was in negative territory, indicating an increasing downward momentum.

If this trend continues, MATIC’s price might fall to $0.64 which was the underlying area of interest. Furthermore, the Chaikin Money Flow (CMF) dropped to the red area, indicating that MATIC had been deprived of liquidity. 

ADA/USD 4-Hour Chart (Source: TradingView)

A combination of both indicators points to a decline. To arrest the potential drawdown, bulls must act fast and protect the $0.69 support. If this does not happen, validation of the decrease to $0.64 might be unavoidable.

The post ADA, MATIC Flash Opposite Signals: What Are the Targets? appeared first on Coin Edition.

Yuga Labs has embarked on a restructuring program.

According to Yuga CEO, he is hellbent on transforming the company back to its roots.

Yuga’s restructuring involves laying off staff and refocusing on the company’s goals.

Yuga Labs, the company behind the famous Bored Ape Yacht Club (BAYC) NFT collection, has started a restructuring program. In a recent post on X, the Yuga Labs CEO, Greg Solano, said he is hellbent on transforming Yuga and “getting the company back to its roots.”

gm, really tough day today. I am hellbent on transforming yuga and getting us back to our roots, and that means making hard decisions. by far the hardest is saying goodbye to some talented team members. here was my message to the team this morning. pic.twitter.com/gBkoNf2iK3

— Garga.eth (Greg Solano) 🍌 (@CryptoGarga) April 26, 2024

According to Solano, the restructuring program will involve several hard decisions, the hardest of which would be saying goodbye to some talented team members. He cited a direct message he sent the Yuga team, highlighting the core reasons behind the restructuring decision.

In the message, Solano clarified his determination to change what they do at Yuga and how they do it. He emphasized that Yuga lost its way, and getting themselves centered would imply becoming a smaller, more agile, and crypto-native team. He plans for the Yuga team to change its operational pattern by doing fewer things but doing them brilliantly.

Solano told the team that part of the restructuring process had already begun, with the spinout of HV-MTL and Legends of the Mara. According to him, those elements will allow Yuga to focus on its gaming efforts, 3D Otherside.

For those who would remain at Yuga, Solano emphasized that the next phase will not be easy. He stressed that the tasks will be about speed, agility, and commitment, noting that anyone willing to leave the company is welcome to take the same severance offered to affected employees.

The Yuga Labs CEO did not state the severance offerings to the affected staff in the lay-off nor specify the number of team members affected. However, it is essential to recall that the company had about 120 employees after its last restructuring program in October 2023. 

The post Yuga Labs Lays Off More Staff in Latest Restructuring Program appeared first on Coin Edition.

Vitalik Buterin revealed that the PoW consensus had centralization issues.

His revelation responded to the view some ETH members wished the network never transitioned to PoS.

The concern stems from claims that Ethereum PoS has centralization and balance of power risks.

Ethereum co-founder Vitalik Buterin has voiced that the proof-of-work (PoW) consensus, which Ethereum previously operated on, has a considerable doze on centralization. Buterin shared this perspective in a recent post on X. His remark responded to a sentiment that some Etherereum community members are expressing the wish that the network had remained on PoW instead of transitioning.

Amanda Cassatt, the CEO of Serotonin, sparked the conversation, claiming to observe individuals who wished Ethereum’s transition to proof-of-stake (PoS) had never happened. According to her, the main contributing factors include centralization risks and balance of power. Cassatt noted that Ethereum has more centralized validation and that the PoS consensus removed the initial checks and balances in the ecosystem.

Joining the conversation, Buterin highlighted that PoW “was also quite centralized.” However, according to him, the PoW’s centralization attracted less attention when it was the consensus mechanism on Ethereum. Buterin backed his view with a graph illustrating the control Ethereum miners had when it operated on PoW.

According to the chart, Spark Pool controlled as much as 33% of the mining power, while Ethermine had 21%. Other miners with considerable control included Zhizhu.top, Nanopool, and F2Pool.

PoW was also quite centralized. It was just not talked about as much, because everyone knew it was only a temporary stage until PoS.And that doesn't even get into how we probably mostly avoided ASICs only because the upcoming PoS switch meant no incentive to build them. pic.twitter.com/OhaqmRiiGJ

— vitalik.eth (@VitalikButerin) April 26, 2024

Meanwhile, Buterin suggested Ethereum’s PoW centralization did not raise eyebrows because stakeholders knew that “it was only a temporary stage until [the] PoS” migration. Furthermore, Buterin pointed out that Ethereum likely evaded significant ASIC (Application-Specific Integrated Circuit) development due to the impending switch to PoS, which removed the incentive to invest in ASICs.

Notably, Ethereum migrated to PoS in September 2022. Since then, validators have committed 32.5 million ETH tokens on the Beacon Chain staking contract. These staked tokens are worth over $101.5 billion, with the price of ETH at $3,125.

The post Ethereum Founder Publicly Admits PoW Had Centralization Issues appeared first on Coin Edition.

Phoenix Wallet has announced that it will terminate its operations to U.S. customers.

On May 3, Phoenix Wallet will be removed from U.S. app stores.

The Wallet’s operator advised users to empty their wallets immediately.

Phoenix Wallet, a Bitcoin wallet created by the Bitcoin technology company ACINQ, has announced that it will terminate its operations to U.S. customers. In a recent post on X, the wallet operator noted that on May 3, it will remove Phoenix Wallet from U.S. app stores.

On May 3rd, 2024, @PhoenixWallet will be removed from US app stores.Users from the US should empty their wallet:– Settings > Close channels (Android)– Settings > Drain wallet (iOS)We highly recommend *not force-closing* channels, as on-chain fees could be significant.

— Phoenix Wallet (@PhoenixWallet) April 26, 2024

Following the announcement, the wallet provider advised users in the U.S. to empty their wallets, highlighting the steps to follow. The wallet operator also warned users not to “force close” their wallets under any given circumstances. According to them, doing so could incur significant on-chain fees.

There are indications that it was ACINQ’s decision for Phoenix Wallet to exit the U.S. In an alternative post, ACINQ cited regulatory complications in the U.S. as the reason for the latest decision. According to the crypto wallet provider, authorities in the U.S. classified service providers in the same category as Phoenix Wallet as Money Services Businesses, noting it could determine how they would be regulated.

Recent announcements from US authorities cast a doubt on whether self-custodial wallet providers, Lightning service providers, or even Lightning nodes could be considered Money Services Businesses and be regulated as such.

— ACINQ (@acinq_co) April 26, 2024

ACINQ’s decision followed a recent announcement by the U.S. regulatory authorities that cast doubt on how self-custodial wallet providers, Lightning service providers, and even Lightning nodes will be classified. The wallet provider told users it would go ahead and assess other potential impacts of the decision to leave the U.S. on their operations.

Recently, a court in the Southern District of New York indicted the founders of the Bitcoin mixing wallet, Samourai, alleging that they facilitated illegal transactions, including laundered funds. Following the incident, the Federal Bureau of Investigations (FBI) warned users that it had begun ‘operations’ on various unregistered crypto firms. 

The post Phoenix Wallet Will Be Removed From U.S. App Stores on May 3 appeared first on Coin Edition.

The Pennsylvania Department of Banking and Securities closes the Republic First Bank.

The regulators appoint FDIC as the receiver, with Fulton Bank assuming all deposits and assets of the bank.

ZeshApps Founder Marto cautions crypto investors against holding money in crypto wallets.

The Federal Deposit Insurance Corporation (FDIC) declared the closure of Republic First Bank sparking debate among the crypto community. While the Pennsylvania Department of Banking and Securities seized the Philadelphia-based bank, the regulators appointed FDIC as the receiver.

As of the end of January 2024, Republic First Bank had about $6 billion in total assets and $4 billion in total deposits. Also, the firm had borrowings and other liabilities of about $1.3 billion. In an official statement, FDIC highlighted the agreement with Fulton Bank that allows the latter to assume almost all deposits and purchase assets of Republic. The statement read,

“To protect depositors, the FDIC entered into an agreement with Fulton Bank, National Association of Lancaster, Pennsylvania to assume substantially all of the deposits and purchase substantially all of the assets of Republic Bank.”

The downfall of Republic First Bank reportedly marks the nation’s first banking failure in 2024. ZeshApps Founder Marto commented on the fall of the bank, cautioning crypto investors against holding money in crypto wallets. In addition, he shared his optimistic belief in Bitcoin, stating, “I think I’ll stick to Bitcoin.”

❌Don't hold your money in #crypto wallets.🏦Another bank just collapsed, the Republic First Bank. Yeah… I think I'll stick to #Bitcoin.

— Marto👨🏻‍💻 (@martocsan_) April 26, 2024

Pillage Capital, another prominent voice in the market, took to X to share insights on the fall of Republic. He stated, “Republic First Bank failure is worth a look since bank failures are the best possible narrative we can get for crypto.”

Republic First Bank failure is worth a look since bank failures are the best possible narrative we can get for crypto pic.twitter.com/Jwu8aVmo2d

— Pillage Capital (@PillageCapital) April 26, 2024

Bitcoin, which has been hovering around the $64k level, much below the new all-time high of $73k, over the past few days, declined to $62k following the collapse of the firm. At press time, Bitcoin is trading at $63,007, with a decline of 2.22% over the last 24 hours.

The post US Regulator Closes Republic First Bank, Fulton Bank Assumes Deposits  appeared first on Coin Edition.

DOGE slipped from the $0.15 support but the coin might soon be oversold, and a bounce could be next.

The 1.618 golden ratio suggested that SHIB could climb toward $0.000025.

WIF might trade sideways but PEPE looked set to collapse to $0.0000064.

In the last seven days, most meme coins registered significant declines except for Pepe (PEPE)  and Shiba Inu (SHIB). SHIB, which is now ranked 11th on the market cap standings, managed a 7.24% increase. For PEPE, its price rallied by 36.19%.

On the opposite side of the divide were dogwifhat (WIF) and Dogecoin (DOGE). While WIF’s price dropped by 6.38%, DOGE tumbled by almost the same ratio at 6.99% within the last week. Here’s an analysis of the factors that led to the performance, and an assessment of where the prices could go in the coming days.

Dogecoin (DOGE)

At press time, DOGE changed hands at $0.14. From the 4-hour chart, it was observed that bulls attempted to drive the coin past $0.16 on April 23 but a quick rejection at that point forced the price back.

As a result, DOGE lost hold of the $0.15 support. Furthermore, the Relative Strength Index (RSI) was down to 33.37, suggesting a solid bearish momentum. However, a further decline could see DOGE hit an oversold point. Should this be the case, the price of the cryptocurrency might bounce.

DOGE/USD 4-Hour Chart (Source: TradingView)

Indications from the Money Flow Index (MFI) also suggested the same. As of this writing, the MFI reading was close to 20.00, meaning that capital had flowed out of DOGE but the coin might soon be oversold. This reinforces the RSI signal. In a case where DOGE rebounds, a move between $0.17 and $0.21 could be likely.

Shiba Inu (SHIB)

SHIB’s structure on the 4-hour chart was different. According to our analysis, the Awesome Oscillator (AO) was negative, suggesting an increasing downward momentum for the token. In a case like this, the price of SHIB might slip from $0.000024 while targeting $0.000022 as the next area of interest.

But the Fibonacci retracement indicator suggested SHIB might defy the odds and key into the 0.382 Fib level which was at $0.0000025. Besides that, an increase in buying pressure could drive the token toward the 1.619 Fib level which is the golden ratio extension. 

SHIB/USD 4-Hour Chart (Source: TradingView)

Should this be the case, SHIB’s price might jump to $0.000030. However, a bearish perspective could change the direction as bears might try to drag the price below $0.000020. In the short term, that seemed unlikely. 

dogwifhat (WIF)

Around April 10, WIF experienced a death cross where the 50 EMA (yellow) went below the 20 EMA (blue). Typically, this is a bearish trend, and it was not surprising that the price plunged from $3.78 to $2.39 moments later.

However, on April 23, the meme coin formed a golden cross as seen in the chart below. Thus helped the price rise to $3.55 But WIF could not hold the surge for a long while. As such the value declined to $2.69.

At press time, both the 20 and 50 EMAs were around the same spot, suggesting that the token might move sideways in the coming days. From a bullish point of view, WIF might not rise more than $3.15 while the bearish forecast could be around $2.70. 

WIF/USD 4-Hour Chart (Source: TradingView)

Pepe (PEPE) 

PEPE’s uptrend was stopped after it faced rejection at $0.0000079. As a result, the price of the token remained on the brink of falling below $0.0000071. Furthermore, the Moving Average Convergence Divergence (MACD) was negative. 

PEPE/USD 4-Hour Chart (Source: TradingView)

In addition, the 26 EMA (orange) had risen above the 12 EMA (blue), indicating that traders were booking profits from the initial hike. If this continues, the price of PEPE might fall, and slide to $0.0000064 might be likely in the short term.

The post DOGE, SHIB, WIF, PEPE: Meme Coins Price Analysis appeared first on Coin Edition.

The Japanese Yen falls to multi-year lows against the dollar and euro.

Amelie reiterates the SBI CEO’s prediction that every Japanese bank would use XRP by 2025.

Yen’s fall reinforces the need for a significant and immediate update in the financial system.

Recent reports revealed a subsequent decline in the Japanese Yen, keeping investors anxious. While the Yen dropped to a multi-year low, SBI CEO Yoshitaka Kitao’s previous statement on the potential of XRP once again gained traction.

 A crypto enthusiast, known on X as Amelie shared an X post reflecting Kitao’s preference for Ripple’s XRP. While Amelie shared insights on the recent downfall of the Yen, she stated that it could be compensated with the establishment of an XRP payment system in Japan. She added, “We need to totally update the system!”

The Japanese yen 💴 is experiencing almost a complete downfall 📉But it fits the narrative that every bank in Japan will be using #XRP by 2025, according to the SBI CEO 🏦 We need to totally update the system! pic.twitter.com/Jia2Y9CTk3

— 𝓐𝓶𝓮𝓵𝓲𝓮 (@_Crypto_Barbie) April 26, 2024

In 2023, Yoshitaka Kitao, the CEO of Strategic Business Innovator Group (SBI), a leading financial service firm, commented on the influence of XRP, disregarding Bitcoin as an asset. He forecasted that XRP would be used by every Japanese bank by 2025. Kitao highlighted the increasing adoption of XRP by major companies. He added,

“Major fund transfer companies have also begun to introduce it, and the use of “xRapid” using $XRP is becoming more widespread, and the number of companies participating in RippleNet is increasing significantly. Therefore, in that sense, I think that Ripple’s technology will gradually be used in the international remittance field, as well as “XRP.”

Reiterating Kitao’s words, Amelie posited that the declining price of the Yen against the dollar and euro would be eased with the growing adoption of XRP. She stated, “It fits the narrative that every bank in Japan will be using XRP by 2025, according to the SBI CEO.”Meanwhile, XRP is experiencing a downtrend, with its price currently at $0.5175, down by 3.18%. Despite a slight increase of 0.18% in one week, XRP has marked a significant decrease of 17% in one month.

The post Japanese Yen Falls To Multi-Year Lows: Will Banks Adopt XRP By 2025? appeared first on Coin Edition.

XRP and ADA are down 15% and 21% YTD at their current market value.

Meanwhile, Bitcoin and ETH have maintained 48.9% and 36% gains in YTD.

Analytic platform Santiment believes altcoins are currently at a massive discount rate ahead of the bull rally.

The cycle’s crypto bull market commenced in late 2023, specifically around October, but took full shape this year when Bitcoin cracked its 2021 all-time high. However, some digital assets are yet to capitalize on this buoyant market led by Bitcoin. 

Prominent Asian-based reporter Colin Wu recently compiled a list of the top 37 cryptocurrencies with negative growth on a year-to-date (YTD) scale, presenting discount buying opportunities. 

Leading the pack was XRP, the sixth most valuable cryptocurrency with a market cap of around $28.56 billion. At its current market value of $0.51, XRP is down 15.33% from the price with which it opened in 2024. The asset entered 2024 with a price in the $0.6 range but has reached a bottom of $0.433 this month. 

Meanwhile, since this year, Bitcoin has maintained a 48.9% gain despite the recent massive price collapses. Its closest rival, Ethereum (ETH), mirrored its trajectory by retaining 36.45% despite the dips.

However, the recent market dips led by Bitcoin forced many altcoins, such as Cardano (ADA), Internet Computer (ICP), Chainlink (LINK), and Avalanche (AVAX), which were top performers in the earlier phase of the bull market, to relinquish their gains to the bears. 

Specifically, at $0.46, ADA is down 21.52% from the price with which it commenced the year. Similarly, AVAX now shoulders a 9.10% loss on a YTD scale with a market price of $35.05 despite growing explosively since November 2023. Also, ICP now trades at $13.27, with a mild negative growth YTD. Meanwhile, ICP had soared by over 200% from a low of $5 last December to a high of $19 in March. 

Recall that renowned market intelligence Santiment has recently shared data arguing that altcoins, at their current market price, present a massive discount buying opportunity for the impending bull rally.

Other top assets recording negative growth currently, as presented on the list, are APT, XLM, and FIL. While these coins may be trading in the red, they present a buying opportunity ahead of the anticipated bull market, as Santiment suggested.

The post Top 37 Tokens Like XRP, ADA Still Available at Massive Discounts in This Bull Cycle appeared first on Coin Edition.

ARK Invest shifts from ProShares Bitcoin ETF to ARK 21Shares Bitcoin ETF and Ethereum.

Strategic acquisitions of Meta Platforms shares signify diversification within ARK’s portfolio.

Divestment of SQ stock indicates a strategic move to reallocate resources within ARK’s investments.

Investment company ARK Invest, led by Cathie Wood, has completed selling its holdings in the ProShares Bitcoin Strategy ETF (BITO), a move that suggests a shift in the business’s approach to investing. At the close price of $28.22, the company sold 237,983 BITO shares from its Next Generation Internet ETF (ARKW), generating transactions of $6.7 million.

In late 2023, ARK made a significant move by acquiring over 4 million BITO shares, foreseeing a short-term opportunity pending the approval of spot bitcoin ETFs in the U.S. However, with the continuous sales in January and the recent divestment of the remaining shares, ARK has effectively exited its position in BITO.

Consequently, ARK’s attention has now turned to its own ARK 21Shares Bitcoin ETF (ARKB), which has emerged as the largest holding within the fund. With 2,480,644 shares valued at $160.6 million, ARKB constitutes a substantial 10.4% weighting of the fund’s total value, further solidifying ARK’s commitment to cryptocurrency investment.

Earlier, on April 19, ARKW sold 28,936 shares of BITO while simultaneously increasing its holdings with the acquisition of 139,152 shares of ARKB, ARK’s bitcoin ETF. Moreover, ARK expanded into Ethereum investments, buying 41,068 shares of ProShares Ether ETF.

In addition, while BITO shares were being sold off, ARK Invest strategically bought shares of Meta Platforms (META). These purchases were made through ARKW and ARK Innovation ETF (ARKK), totaling 25,355 shares bought, valued at around $11.20 million based on the most recent closing price.

Whilst, Ark Invest expedited the divestment of the SQ stock. The firm dumped 212,715 shares of the Block Inc. from ARKK and Ark Fintech Innovation ETF (ARKF). The offloading was worth $15.48 million at the closing price of $72.79, dropping 1.67%. In the pre-market session, the SQ stock was up 0.77% to $73.35 on Friday.

The post ARK Invest Sells Off BITO, Embraces ARKB for Crypto Future appeared first on Coin Edition.

ADA’s ranking drops to 10th by market cap amid a significant price decrease.

Only 35% of ADA holders are currently in profit, contrasting with BTC and ETH.

ADA’s on-chain activity declines, reflecting reduced engagement amidst the price drop.

Cardano (ADA), a layer-1 blockchain network, is facing a challenging period as its price continues to drop and its market ranking declines. Notably, ADA is now ranked as the tenth largest cryptocurrency by market cap, following a huge decrease in value. In the last month alone, ADA’s price has fallen by 28%, and it has seen a nearly 22% drop year-to-date, according to CoinMarketCap.

Moreover, recent data from IntoTheBlock shared on X reveals that only about 35% of ADA holders are currently in profit. This contrasts starkly with other major cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH), where 86% and 81% of holders, respectively, are seeing profits. The situation has led to increased scrutiny of Cardano’s near-term demand potential as more investors are facing losses.

The chart below shows the percentage of holders in profit on several top layer 1 networks 👇Bitcoin remains king, with $TRX being a close second. $DOGE and $ETH also have the vast majority of holders in profit. $ADA stands out with only 35% of holders in profit. But is this… pic.twitter.com/x9YwfuNIN4

— IntoTheBlock (@intotheblock) April 24, 2024

ADA’s market performance has also influenced its position relative to other cryptocurrencies. Over the past month, it has been surpassed in market valuation by Dogecoin (DOGE) and Toncoin (TON). Furthermore, the network has seen its average unrealized loss widen to 15.71%, indicating that if holders were to sell their ADA at current prices, they would incur an average loss of 15.71%.

A significant drop in on-chain activity accompanies the downturn in ADA’s market value. According to Santiment data, daily active addresses on the Cardano network have decreased from over 70,000 during its price peak to about 30,000 currently. This decline in activity reflects the reduced engagement and transaction volumes on the network.

Source (Santiment)

Despite the current market conditions, ADA’s recovery remains possible. Historical data suggests that ADA could enter a super cycle in 2025, potentially reaching new all-time high levels, following a pattern observed a year after the 2020 Bitcoin halving.

Source (Santiment)

However, investor sentiment remains tepid as data from Santiment shows that whale cohorts have been net sellers, reducing their holdings consistently over the last 2-3 months. This lack of significant buying activity during the price dip raises questions about the depth of investor interest in ADA at lower prices.

ADA/USD Price Action

On the 4-hour chart, the ADA token is under the influence of a bearish sentiment, indicating potential further price declines. Since reaching a crucial level on April 12, ADA has seen a significant drop of 32.15%, as depicted by the price range tool. Presently, ADA’s price hovers around the 38.20% Fibonacci retracement level.

ADA/USD 4-Hour Chart (Source: Tradingview )

Should ADA manage to close above this point, it may signal an upward trajectory, potentially challenging the 50% Fibonacci level and even surpassing resistance levels favored by bulls. Conversely, should ADA continue its bearish momentum and close below the 38.20% Fibonacci level, it could signal a continuation of downward movement, possibly retesting the support level below it. A successful breach of this support level could lead ADA prices further downwards, aligning with bearish targets.

The post Cardano’s ADA Faces Market Downturn Amid Whales’ Reluctance to Invest appeared first on Coin Edition.

FBI warns against unregistered crypto exchanges.

Users were urged to avoid crypto services that lack KYC.

Clients can verify exchange registration with FinCEN.

The FBI has urged Americans to stop using unregistered cryptocurrency exchanges. The Internet Crime Complaint Center (IC3), Alert Number I-042524-PSA, announced this in a press release on Thursday. In the statement, the FBI encouraged users to patronize firms registered as Money Services Businesses (MSBs) and comply with anti-money laundering regulations.

The agency instructed users to avoid any crypto service provider that fails to implement the required ‘know your customer’ (KYC) protocols. The FBI noted, “A few simple steps can prevent unintentional use of non-compliant services. For example, avoid cryptocurrency money transmitting services that do not collect ‘know your customer’ (KYC) information from customers when required.”

KYC usually involves collecting a customer’s name, birth date, and address.

To help identify compliant businesses, the FBI directed individuals to verify the registration status of an exchange using “a tool from the U.S. Financial Crimes Enforcement Network (FinCEN).” 

The FBI recently took action against cryptocurrency platforms without the required licenses. Per the agency’s report, “people who use unlicensed cryptocurrency money transmitting services may encounter financial disruptions during law enforcement actions, especially if their cryptocurrency is intermingled with funds obtained through illegal means.”

The statement also pointed out that apps found in app stores might not meet legal standards. Hence, users employing such services could lose access to their funds during law enforcement interventions. 

Furthermore, the FBI noted that crypto services found to be breaking the law or facilitating illegal transactions will be probed. Therefore, the agency stressed that users should ensure their chosen platforms comply with legal requirements to avoid potential legal and financial problems.

This development follows recent legal actions by the U.S. Department of Justice (DOJ), which resulted in the arrest of the founders and CEO of Samourai Wallet on April 24. The DOJ partnered with law enforcement agencies in Portugal and Iceland to arrest one of the founders, seizing Samourai’s web servers and domain. The department also issued a seizure warrant for the application on the Google Play Store. 

The post FBI Urges Caution To Avoid Unregistered Cryptocurrency Exchanges appeared first on Coin Edition.

Solana-based memecoin airdrops briefly covered the cost of “Chapter 2.”

MANEKI and MEW are reportedly connected to the soon-to-launch mobile device.

The memecoins’ combined value reached $459 on Thursday, topping Chapter 2’s $450 cost.

Two cat-themed Solana-based memecoin airdrops briefly covered the cost of “Chapter 2,” the upcoming Solana mobile phone expected to roll out in 2025. The memecoins, MANEKI and MEW, are reportedly connected to the soon-to-launch mobile device and reached a combined value of $459 at some point last Thursday.

Altogether, 5,199 Maneki (MANEKI) tokens launched in an airdrop on April 24, joining the 37,600 Cat in a Dogs World (MEW) tokens that launched on April 1. By reaching a combined value of $459, the airdrops covered the $450 pre-order cost of Chapter 2 per Solana Floor.

MANEKI traded for $0.02326 at the time of writing, reflecting a 9.8% rally in the past 24 hours, according to data from CoinGecko, the crypto foremost crypto aggregation platform. Overall, the newly launched memecoin has gained approximately 9% since it became listed on the platform about 48 hours before the time of writing. MANEKI started from $0.01443 and dropped to a low of $0.01334 before rallying on Thursday to a peak of $0.026919.

Meanwhile, MEW traded for $0.005617 at the time of writing, reflecting a 1.9% dip in the past 24 hours, according to data from CoinGecko. MEW’s current price marks a recovery from its most significant dip since it reached a peak price of $0.009715. 

Chapter 2 is Solana’s second mobile, succeeding Saga, another mobile device the project launched in January that reached 60,000 pre-orders within one month. Customers pre-ordering Chapter 2 can connect their Solana wallet addresses to the device. That way, they can receive the airdrops before getting hold of the gadgets in 2025.

The new phone’s features are similar to those of Saga. Like Saga, Chapter 2 will have a built-in crypto wallet, a dapp store, and custom Android software. However, its hardware will be different from that of the pioneer device.

The post Airdrops Briefly Covers Cost of Acquiring Solana’s Upcoming Mobile Phone appeared first on Coin Edition.

Bitcoin stalls around $60K, prompting anticipation of the U.S. Treasury’s QRA. 

Analysts believe a decrease in the Treasury’s cash target could trigger bullish sentiment in crypto.

Meanwhile, an increased TGA target could unfavorably impact risk assets.

Over the past few weeks, crypto traders have endured a rather dull period. Bitcoin (BTC), the foremost crypto, has remained primarily stagnant within the $60,000 range, with its price experiencing more declines than gains.

Nonetheless, a glimmer of hope may be on the horizon. Analysts anticipate next week’s U.S. Treasury Secretary’s quarterly refinancing announcement (QRA) to boost risky assets like crypto.

Historically, the QRA has served as a barometer for market sentiment. It reflects the U.S. government’s borrowing needs and its impact on broader financial dynamics. In particular, the quarterly QRA reveals the U.S. government’s borrowings for the next three months, affecting bond prices, yields, and market risk appetite. 

Higher bond issuance suppresses prices and boosts yields, discouraging risk-taking. Conversely, diminished issuance yields the opposite effect, influencing market dynamics accordingly.

In its previous announcement in January, the Treasury projected a second-quarter net borrowing of $202 billion and a TGA cash balance of $750 billion. This figure is down from $760 billion in the first quarter. 

Althea Spinozzi, head of fixed income strategy at Saxo Bank, anticipates a decline in quarterly gross issuance for the first time in two years. Spinozzi argued that risk assets like cryptocurrencies will likely rally if the QRA maintains or lowers the TGA target to $750 billion. “This might lead to bullish sentiment in risky assets,” Spinozzi remarked.

Conversely, if the debt announcement increases the TGA target, indicating the government’s intention to hold more cash, it may not be favorable for risky assets. Arthur Hayes, co-founder of the BitMEX exchange, recently expressed his view on X. 

As expected tax receipts added roughly $200bn to TGA. Forget about the May Fed meeting the 2Q24 refunding annc comes out next week. What games will Yellen play, here are some options:1. Stop issuing treasuries by running down the TGA to zero, that is a $1tn injection of… pic.twitter.com/F6AsShYhr4

— Arthur Hayes (@CryptoHayes) April 26, 2024

Hayes suggested the Treasury could halt long-term Treasury issuance, draining the TGA balance, or increase short-term bill issuance, unlocking liquidity through the RRP facility. He suggested that any of these options could lead to a rally in stocks and a resurgence in the crypto bull market.

The post US Treasury Refunding Announcement Holds the Key to Bitcoin Bull Run appeared first on Coin Edition.

Data from Soso Value shows there was a $218 million net outflow from Bitcoin ETFs last Thursday.

GBTC recorded the highest outflow, accounting for $139 million of the total outflow.

FBTC and BRRR recorded daily net outflows for the first time.

Data from Soso Value, the leading ETF analytics platform, shows a $218 million net outflow from Bitcoin ETFs last Thursday. A report from the renowned Chinese crypto journalist Colin Wu showed that Grayscale’s GBTC accounted for $139 million of Thursday’s outflow, making it the ETF with the highest outflow in the day.

According to SoSoValue, the total net outflow from Bitcoin spot ETFs was $218 million yesterday. Grayscale ETF GBTC had a net outflow of $139 million, Fidelity ETF FBTC had a net outflow of $22.61 million, and Valkyrie ETF BRRR had a net outflow of $20.16 million, marking the… pic.twitter.com/PhmFgEb9ng

— Wu Blockchain (@WuBlockchain) April 26, 2024

Furthermore, Wu’s report revealed that the Fidelity ETF (FBTC) had a net outflow of $22.61 million, and the Valkyrie ETF (BRRR) had a net outflow of $20.16 million. It is essential to note that Thursday’s records marked the first time FBTC and BRRR recorded daily net outflows. However, while other ETFs recorded net outflows, Franklin ETF (EZBC) was the only Bitcoin spot ETF that saw a net inflow, with a daily net inflow of $1.8745 million.

Meanwhile, two other ETFs, Ark Invest’s ARKB and Bitwise’s BITB, also recorded outflows, adding to the overall figure of the day. ARKB had a daily net outflow of $31.34 million, while BITB recorded a daily net outflow of $5.99 million, per data from Soso Value.

The notable outflows from Bitcoin ETFs on Thursday impacted Bitcoin’s price significantly. The flagship crypto experienced a 3.79% dip before mounting a recovery amid a battle between the bulls and the bears. TradingView data showed that Bitcoin dropped from a $665,286 daily high on Thursday to a low of $62,785 before rebounding to $64,493 at the close of the trading session.

The impact of yesterday’s Bitcoin ETF net outflow on BTC shows how the newly launched funds affect the Bitcoin market. Soso Value’s data shows the cumulative total net inflow across all the existing ETFs was $12.08 billion as of Thursday. That is a significant volume with a notable impact on the Bitcoin market.

The post BTC Slumps Following a $218 Million Daily Net Outflows From Several ETFs appeared first on Coin Edition.

Coinbase’s CLO voices support for Consensys’ lawsuit against the SEC over Ethereum’s classification.

Consensys aims to safeguard Ethereum’s status as a non-security.

Paul Grewal urges the SEC to admit ETH is a commodity and quit playing games

Paul Grewal, the chief legal officer of Coinbase, has delightedly reacted to the latest lawsuit filed against the U.S. Securities and Exchange Commission (SEC). Consensys, a software development firm, lodged this lawsuit on Thursday in a district court in Texas, USA. The lawsuit accuses the SEC and five commissioners of intending to classify Ethereum as a security.

Consensys stated that the lawsuit aims to uphold Ethereum as “a vibrant and indispensable blockchain platform” and ensure continued access for developers, market participants, and institutions invested in It.

The company stressed that the SEC should not have unchecked authority to extend its regulatory reach to encompass the future of the Internet by misclassifying ETH as a security. It highlighted the SEC’s “reckless approach” as causing turmoil among developers, market participants, institutions, and nations that are either constructing or already overseeing essential systems operating on Ethereum.

Last month, the news broke that the U.S. regulator was stealthily moving to categorize ETH security by requesting financial documents from all U.S. firms that have had engagements with Ethereum. Now, Consensys seeks to preempt the SEC’s move to safeguard the interests of other ETH stakeholders. 

Consensys’ bold action to file a lawsuit against the SEC has attracted widespread commendations from the crypto community. Among the prominent figures reacting to this development is the CLO of Coinbase, a firm that is in ongoing litigation with the SEC.

Grewal pointed out the widely held view that ETH is a commodity. He cited the U.S. CFTC’s agreement with this view. Accordingly, he remarked that it is time for the SEC to admit this fact and quit playing games. 

“It’s time for the SEC to admit that it still knows ETH is a commodity too. No more games,” the Coinbase lawyer remarked. He expressed his appreciation to Consensys for “standing up against the SEC’s unlawful expansion of authority.”

I know ETH is a commodity. You know ETH is a commodity. The CFTC knows ETH is a commodity. It's time for the SEC to admit that it still knows ETH is a commodity too. No more games. Thank you to @Consensys for standing up against the SEC's unlawful expansion of authority. https://t.co/8w7A4PBwUK

— paulgrewal.eth (@iampaulgrewal) April 25, 2024

Notably, in the complaint Consensys cited the SEC’s record of declaring ETH was not a security as early as 2018.

The post Coinbase Legal Chief Applauds Consensys’ Lawsuit Against SEC appeared first on Coin Edition.

Ripple’s shift from XRP to USDT for ODL in the US reflects a strategic response to regulatory pressures.

Ripple’s Singaporean subsidiary now handles XRP sales, signaling a move to non-US entities to navigate legal hurdles.

Uncertainty looms over Ripple’s ODL operations abroad, amidst concerns about the SEC’s wide-reaching injunctions.

Recent disclosures have revealed substantial changes within Ripple’s blockchain payment protocol in response to Bill Morgan’s concerns about the SEC legal battle and Ripple’s On-Demand Liquidity (ODL) operations. Ripple has transitioned its ODL services for US clients from XRP to Tether’s USDT, as indicated in a recent court filing.

Ok Matt. Didn’t have time yesterday but given that you were kind enough to cover this issue on YouTube I have followed up on the point you made about Ripple not having ODL customers and operating through overseas subsidiaries, in response to my concern that a wide injunction can… https://t.co/Lt2OflA9K6 pic.twitter.com/QmymbOEATV

— bill morgan (@Belisarius2020) April 26, 2024

This transition follows a court ruling last year that deemed the institutional sale of XRP tokens in violation of US security laws. Consequently, Ripple engaged non-US entities to facilitate XRP sales to ODL customers, with US-based clients now using USDT as the bridge currency for transactions.

Moon Lambo, an XRP Youtuber, took to the X platform to assert that Monica Long, Ripple’s President, emphasized swift compliance with legal restrictions while ensuring uninterrupted ODL services for US clients. He further stated that a Singaporean subsidiary of Ripple now serves as the primary contracting party for XRP sales, indicating a strategic shift towards non-US entities to circumvent legal hurdles.

Ripple President Monica Long says they don't have any ODL customers. According to Ripple's latest filing, a Singaporean subsidiary has ODL customers using $XRP , but Ripple itself does not. Would an injunction to stop's Ripple's ODL apply to Singaporean subsidiary? If not, then as…

— Moon Lambo (@MoonLamboio) April 25, 2024

Furthermore, internal communications revealed that Ripple implemented minimum asset requirements for ODL clients, with a $5 million threshold to ensure financial robustness. Exceptions are made for “otherwise sophisticated entities,” reflecting Ripple’s commitment to safeguarding end customers amidst regulatory challenges. 

However, concerns persist regarding the impact of a wide injunction sought by the SEC on Ripple’s overseas subsidiaries and their ODL operations. While Ripple itself does not have ODL customers, its subsidiaries reportedly do, raising questions about the applicability of injunctions to non-US entities.

Furthermore, Moon Lambo suggests that as long as ODL transactions do not touch US jurisdictions, they may continue unhindered. This uncertainty underscores the complex regulatory landscape Ripple navigates as it seeks to maintain its position in the digital payments ecosystem. As the legal saga unfolds, Ripple’s adaptation to regulatory challenges will continue to shape the future of its ODL services. 

The post Ripple Makes Waves With USDT Transition for ODL Services appeared first on Coin Edition.

SEC’s use of Wells Notices without subsequent lawsuits raises questions on regulatory intent.

Consensys denies SEC’s allegations, emphasizing MetaMask’s role as an interface, not a broker.

Challenging the SEC’s authority over Ethereum, Consensys underscores regulatory inconsistencies.

Prominent crypto analyst on X (formerly Twitter), Mr. Huber, recently highlighted a curious pattern regarding the U.S. Securities and Exchange Commission’s (SEC) actions against Ethereum-related entities. He noted the issuance of Wells Notices, indicating impending enforcement actions, but observed a notable absence of actual lawsuits filed by the SEC. This observation raises questions about the regulator’s intentions and the perceived threat it poses to Ethereum and its affiliated projects.

See a pattern? A two-year-old Wells Notice, but no lawsuit has ever been filed. The SEC hasn't filed any lawsuit within years of issuing these Wells Notices. It looks like a ploy to me. They act as though they would threaten Ethereum, Lubin, and his token foundry like the rest of… https://t.co/WHGCa70IY9

— Mr. Huber🔥🦅🔥 (@Leerzeit) April 26, 2024

Consensys has now stepped into the fray by taking legal action against the SEC. Filed in the District Court for the Northern District of Texas, this lawsuit challenges what Consensys perceives as regulatory overreach concerning Ethereum and its associated products. At the heart of the matter is the SEC’s issuing a Wells Notice on April 10, targeting Consensys over alleged violations related to its MetaMask wallet product.

As highlighted by lawyer Bill Morgan, according to the SEC, Consensys’ offering of MetaMask Swaps qualifies it as an unregistered broker-dealer. At the same time, its MetaMask Staking service allegedly involves the sale of unregistered securities. Consensys vehemently denies these allegations, asserting that its MetaMask wallet serves merely as an interface and does not conduct brokerage activities or hold customer assets.

Consensys received a letter from the SEC on 4 April 2022 from the SEC’s Division of Enforcement informing it of an investigation into MetaMask and MetaMask Swaps. In September 2022 it received a letter from the SEC about an investigation into staking protocols on the Ethereum…

— bill morgan (@Belisarius2020) April 25, 2024

Moreover, Consensys contends that the SEC’s purported expansion of authority over Ethereum contradicts previous statements by the regulatory body itself. Of note, former director Bill Hinman critiqued Ethereum as a commodity rather than a security during his 2018 speech. Consensys also points to the oversight role of the Commodities Futures Trading Commission (CFTC) in regulating derivative products tied to ether, complicating the SEC’s jurisdictional claims.

The lawsuit embodies Consensys’ worries about the consequences that the SEC’s actions may have on the Ethereum Network. By challenging the SEC’s authority, Consensys aims to preserve the regulatory certainty crucial for its operations and the wider crypto industry.

In framing its legal argument, Consensys invokes the “major questions doctrine,” a legal principle limiting federal regulators from exceeding their Congressional mandates. However, previous attempts to apply this doctrine to crypto-related matters, such as cases involving Terraform Labs and Coinbase, have faced judicial skepticism.

The post Consensys Fights Back Defending Ethereum Against SEC appeared first on Coin Edition.

The Chinese government is investigating its most pro-blockchain official for suspected law violations.

Qian was the creator of China’s Central Bank Digital Currency (CBDC).

China is renowned for its strict laws regarding cryptocurrency-related issues.

According to reports, the Chinese government is investigating its most pro-blockchain official, Yao Qian, for suspected law violations. Although the specific reasons behind the investigation are yet to be known, Qian was the creator of China’s Central Bank Digital Currency (CBDC). He also served as the Director of the Central Bank’s digital currency research institute.

China’s most prominent pro-blockchain official, Yao Qian, is under investigation by the Chinese government for suspected violations of law. The specific reasons are unknown. He was the creator of China’s CBDC and served as the director of the central bank’s digital currency…

— Wu Blockchain (@WuBlockchain) April 26, 2024

Qian was at the forefront of China’s CBDC campaign, significantly impacting its actualization. In 2017, Qian advocated for issuing a state-owned digital currency, noting its importance in guaranteeing the market position of China’s local currency.

The renowned CBDC advocate held several posts in the Chinese government, including Director of the Science and Technology Supervision Department and Director of the Information Center of the China Securities Regulatory Commission.

Meanwhile, Qian’s allegation comes from the Discipline Inspection and Supervision Team of the Central Commission for Discipline Inspection and the National Supervision Commission at the China Securities Regulatory Commission. Also involved in the investigation is the Guangdong Provincial Commission for Discipline Inspection and Supervision.

As earlier stated in this post, Qian’s accusers have not provided a clear indictment nor stated the actual reason for his investigation. They only noted that the top government official is investigated for “serious violations of discipline and law and is currently under investigation by the Central Committee.” 

China is renowned for its strict laws regarding cryptocurrency-related issues. The outright ban on crypto activities in 2021 led to an exodus of several crypto firms and cryptocurrency miners that operated in the region. It marked a significant era in the crypto industry’s evolution as the geographical concentration of crypto activities shifted from China to other parts of the world.

The post China’s Most Prominent Pro-Blockchain Official Undergoes Investigation appeared first on Coin Edition.

CatCoin wins Gate.io’s Crypto Dark Horse Competition; bullish trend follows.

CAT token surpasses $0.000000000704, eyes $0.000000001135 resistance.

The Chaikin Money Flow indicates a deficit, yet bullish signs emerge.

In a recent revelation by crypto exchange Gate.io, the third season of the Crypto Dark Horse Competition has concluded with CatCoin securing the championship title. The competition, known for highlighting emerging cryptocurrencies, showcased a rigorous contest among various participants, ultimately crowning CatCoin as the winner.

🔊#GateioStartup Crypto Dark Horse Competition Season 3 Result Announced! 🏆Champion: #CATCOIN @catcoin 🎉Congratulations to all Champion voters!Startup Crypto Dark Horse Competition (Season 4) is ongoing, join and win a $2,000 Prize Pool: https://t.co/DPcCoJd4Ox pic.twitter.com/ozA24rn8z7

— Gate Startup (@Gateio_Startup) April 25, 2024

The announcement was made through the official Gate.io Startup X (formerly Twitter) account, which congratulated CatCoin, a lesser-known crypto that has shown promise and modernism in the crypto community. Following the announcement, CatCoin has experienced an increase in its market activity.

CAT/USD 24-Hour Chart (Source: CoinStats)

In the last 24 hours, the price of CatCoin surged by 2.32%, reaching a value of $0.0000000007829 per token. This price movement is part of a broader trend of bullish momentum for the cryptocurrency, as evidenced by a 3.92% rise over the past week. The trading volume for CatCoin also spiked, with an increase of 207.13%, amounting to $32.82 million in transactions.

CAT Token Price Action

On the 4-hour chart, the CAT token exhibits a bullish trajectory, notably after it surpassed its previous support level at $0.000000000704. This key movement allowed the token to retest this level for additional support, setting the stage for further upward movement. Currently, the CAT token is ascending with determination towards the 50% Fibonacci retracement level, which is now acting as a low-level resistance.

CAT/USDT 4-Hour Chart (Source: TradingView)

The token’s ability to close above the 23.60% Fibonacci level will be crucial for sustaining this upward momentum. Achieving this could pave the way for the token to target higher resistance levels, specifically at $0.000000001135, potentially leading to significant price gains. 

Conversely, if the CAT token fails to maintain its position above the 23.60% Fibonacci level and closes below it, there is a likelihood of a downward trend. This scenario could see the token retesting at a lower support level, with potential further declines if this support is breached again.

CAT/USDT 4-Hour Chart (Source: TradingView)

From a technical perspective, the Chaikin Money Flow (CMF) indicator presents a challenging outlook, with a reading of 0.07 in the negative zone. This suggests that the CAT token is facing a deficit in money flow, which could exert downward pressure on its prices. 

However, there is a glimmer of positive momentum as indicated by the Bull Bear Power indicator. Despite originating from the negative region, this indicator is showing green bars approaching the zero line, signaling a build-up of bullish energy in the short term. Should these bars cross above the zero line, it would indicate a robust shift to bullish momentum. 

The post CatCoin’s CAT Soars Amid Triumphs in Gate.io’s Crypto Dark Horse Contest appeared first on Coin Edition.